Applying for college loans and scholarships: When to start?

I'm planning for college expenses and am unsure when to start applying for both loans and scholarships. Should I prioritize one over the other, and what are the major deadlines to note down?

You're on the right track by planning ahead for your financial needs for college. It's crucial to understand the timeline for both scholarships and loans, as they could significantly impact your college financing strategies.

For scholarships, many deadlines fall between the fall and spring of your senior year in high school, but there are also scholarships for juniors and even for younger students. It's never too early to start searching for scholarships. The summer before your senior year could be an excellent time to start seriously hunting for scholarships and putting the finishing touches on essays. Dedicate a significant portion of your time for this endeavor as the competition can be tough and nearly every scholarship requires some form of application, whether it's an essay, project, or form.

On the other hand, the application process for federal student loans begins with the Free Application for Federal Student Aid (FAFSA). The FAFSA for the next academic year opens on October 1 and should be completed as early as possible because some types of federal aid are first-come, first-served. Many states and colleges also use FAFSA data to award their own financial aid, and they may have their own deadlines that could be earlier than the federal deadline.

Regarding prioritization, you should first exhaust free aid like scholarships and grants before turning to loans. Loans have to be paid back with interest, while scholarships and grants typically do not. Even though you may be applying for scholarships and loans concurrently, prioritize the application processes that can lead you to money that does not need to be repaid.

Always note the key dates and deadlines on your calendar to manage them effectively. In the world of college financing, delay can often mean missing out on valuable opportunities. Good luck with your planning!